There can be a lot of decisions involved when it comes time to buy a car. TheBMW financial experts at BMW of Peabody are here to go over some financial services basics to help simplify the process.
How Does a Lease Work?
Auto leases typically last two or three years and, throughout that time, you are essentially renting the car from our dealership. You will be responsible for making monthly payments throughout the duration of your lease that cover the vehicle’s depreciation during that time. Then, at the end of your lease, you return it to our dealership or opt to buy it at that time.
How Much Can I Afford?
Naturally, there are lots of factors to consider, but we suggest aiming to keep your total car expenses under 20 percent of your monthly take-home pay. It’s important to consider all the associated costs of owning a car, including fuel, maintenance, possible repairs, and more. If you’re unsure where to start, utilize an auto payment calculator to get an estimate of your monthly payments.
What’s My Trade-in Worth?
We are happy to provide an assessment of your trade-in value anytime. We consider your vehicle’s current market value, as well as your vehicle’s mileage and condition. Even if you aren’t car shopping, we are always interested in buying pre-owned vehicles.
Do I Need GAP Insurance?
GAP insurance is designed to protect you if you have a total loss, and you still owe more on your vehicle than it is worth. Without it, you could be faced with owing thousands for a vehicle you can no longer even use.
Visit BMW of Peabody for More Financial Services Information
Visit BMW of Peabody to discuss any other questions you may have or to start shopping our inventory of new BMW vehicles for sale in Sherman Oaks, CA. Schedule an appointment today!
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